Albo loses control of immigration

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Labor’s first federal budget in October 2022 projected 470,000 net overseas migration (NOM) in the first two years (FY 23 and 24).

Budget NOM

Source: October 2022 Federal Budget

Instead, Labor allowed in around one million NOM over two years, more than double its forecast.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.